Taxes November 22, 2024
The Tax Blotter – Nov. 2024
The Tax Blotter is a selection of briefs on the latest tax legislation and Tax Court rulings.
Taxes November 20, 2024
Japanese Restaurant Owner Avoids Raw Tax Deal
A taxpayer in a recent Tax Court case tried to use the "Cohen rule" from an age-old case to escape out of a tax jam.
Taxes October 28, 2024
Tax Court Rules Against a Family Limited Partnership
As shown in a new case, Estate of Fields, TC Memo 2024-90, 9/26/24, there must be a legitimate transfer of business ownership. This can’t be merely a means to reduce or avoid tax liability.
Taxes October 15, 2024
Tax Court Delivers Mixed News on Charitable Appraisals
The moral of the story is that you should not run risks with so much at stake. The cost of an accurate qualified appraisal from a reputable source is money well spent.
Taxes September 26, 2024
Attorney Flagged for Tax Evasion in New Case
In his efforts to evade tax liability, this attorney from Missouri committed multiple fraudulent acts, for which he was found guilty.
Taxes September 17, 2024
Tax Court Halts Deduction for Start-Up Costs in Some Cases
A taxpayer can’t deduct start-up expenses if he or she abandons the business before it ever gets off the ground.
Taxes September 10, 2024
The Tax Blotter – Sept 10, 2024
The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions.
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Taxes August 29, 2024
Tax Court Says S Corporation Owner Owes Tax on Phantom Income
The Tax Court determined that the law still required the S corp filer to report his proportionate share of the S corp income for the tax years in questions.
Taxes August 21, 2024
Tax Court Rules on Losses from Rental Activities
The tax court judge figured out that the husband would have had to work 40 hours at his regular job and 48 hours a week on the real estate activity.
Taxes August 8, 2024
The Tax Blotter – August 2024
The Tax Blotter is a round-up of recent tax legislation and rulings.
Taxes May 24, 2024
Tax Court: No Tax Exemption for This Legal Settlement
The taxpayer failed to report any of the $700,000 payment as taxable income on his return. So the IRS stepped in and the case ended up in the Tax Court.
Payroll April 22, 2024
Payroll Tax News Updates: April 2024
Under the trust fund recovery penalty (TFRP), a “responsible person” may be held personally liable for the full amount of an employer’s unpaid employment taxes.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
